Company Registration No. 5249015 (England and Wales)
OUT-SOURCING INITIATIVES LIMITED
Unaudited accounts
for the year ended 31 October 2021
OUT-SOURCING INITIATIVES LIMITED
Unaudited accounts
Contents
OUT-SOURCING INITIATIVES LIMITED
Company Information
for the year ended 31 October 2021
Director
Michael Gillespie
Company Number
5249015 (England and Wales)
Registered Office
10 Trinity Square
Victoria Street
Horsham
West Sussex
RH13 1TS
Accountants
Allan Willmott
Bramley
Farthings Hill
Horsham
West Sussex
RH12 1TS
OUT-SOURCING INITIATIVES LIMITED
Statement of financial position
as at 31 October 2021
Cash at bank and in hand
4,542
15,890
Creditors: amounts falling due within one year
(23,202)
(43,296)
Net current assets
37,408
28,940
Total assets less current liabilities
37,409
28,941
Creditors: amounts falling due after more than one year
(37,032)
(6,111)
Called up share capital
2
2
Profit and loss account
375
22,828
Shareholders' funds
377
22,830
For the year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 26 January 2022 and were signed on its behalf by
Michael Gillespie
Director
Company Registration No. 5249015
OUT-SOURCING INITIATIVES LIMITED
Notes to the Accounts
for the year ended 31 October 2021
OUT-SOURCING INITIATIVES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 5249015. The registered office is 10 Trinity Square, Victoria Street, Horsham, West Sussex, RH13 1TS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
50% Straight Line
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax of a material amount is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
OUT-SOURCING INITIATIVES LIMITED
Notes to the Accounts
for the year ended 31 October 2021
4
Tangible fixed assets
Computer equipment
5
Debtors: amounts falling due within one year
2021
2020
Accrued income and prepayments
4,862
4,862
Other debtors
51,206
47,884
6
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
10,311
6,667
Taxes and social security
11,691
35,329
Other creditors
1,200
1,200
7
Creditors: amounts falling due after more than one year
2021
2020
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
9
Transactions with related parties
Michael Gillespie, a director, received Dividends of £36,000 (2020 £50,000) during the year.
Michael Gillespie controls the company and owns 50% of the Issued Share capital.
OUT-SOURCING INITIATIVES LIMITED
Notes to the Accounts
for the year ended 31 October 2021
11
Average number of employees
During the year the average number of employees was 1 (2020: 1).
